It’s always an exciting time when you’re planning to buy a car. There are a lot of options out there that it’s not uncommon to feel overwhelmed with so many varying opinions from other people. One of the most widely discussed topics is the question of whether you should buy a new car or a used one. The short answer to that is: it depends, there are advantages and disadvantages to choosing one or the other, you just have to know which one best suits you.
Here are some things to consider when you’re considering a new or a used car:
Buying a New Car
Nothing beats the smell of the interior of a new car, the pristine realization of a newly released mechanical and technological marvel will always be something to savor. Here are some things to consider when buying a new car:
1- Wide Selection
When buying a new car, having a wide array of options for a specific preference is one of its perks. And because of this advantage just visiting your local Brisbane business will already give you prime models that you can shortlist. You will not have to worry about a car’s history and mileage, so you’ll only have to research each of the model’s specifications and reviews. This will give you an insight on which make or model will best suit your needs.
This is one of the major advantages of buying a new car from the lot – warranty. Although the first few years of the car will come with very few needs for repairs, having a warranty will give you peace of mind that you’re mostly covered if something happens.
There are many financing options when buying a new car. They’ll also put in some incentives to get a loan on your new vehicle. However, overall, the first years of a new car will always have ownership costs like add ons and taxes will pile up as a major contributor to your overall costs. This makes a used car attractive at this point but if you know and account for this beforehand, you can make the proper appropriation.
You must realize that when you buy a new car, you’ll get hit with the biggest brunt of its depreciation. As soon as you leave the lot, know that you’ll lose thousands of dollars that you can never recover. This happens in two or three years after you purchase your car. However, if you can keep your car in good condition after the second or third year you’ll be able to get a fair price when you decide to sell it.
5- Limited Servicing
You must also know where to send your car for servicing. If you want to extend your warranty some manufacturers will require you to get your services from selected dealers. You won’t be able to go around to other service centers for better prices but you’ll have your warranty intact.
Buying a Used Car
Choosing the right pre-owned car will always give you an economical advantage over buying a new one. But there are also other things to consider when going to the lot and choosing a used car to take home.
1- Depreciation is Your Friend
Probably the greatest advantage of buying a used car is letting the previous owner get hit with the depreciation. When you buy a used car you’ll be able to sell it for almost the same price a few years later.
2- Shop Around
Because it’s a used car you can’t really have your first-choice model in its prime condition, so you’ll have to settle with your other options. This is why you need to shop around for lots with better prices and better selections.
3- Get it Inspected and Test Drive
Although you’ll still have to do this with a new car, it’s all the more important if you’re buying a used one. If you have a trusted mechanic, have it inspected to check for damages or wear and tear that’ll cost you a lot when you drive them off the lot. You will also have to test drive the vehicle to get a feel of its running condition.
4- Do Your Research
You should also do your research on the car you’re planning to buy. Go through its history and see if there were significant damages and repairs on the car from its previous owner.
You may end up choosing between a car that you like with a bad history. Moreover, it may also have lots of mileage without you knowing it.
5- Certified Pre-Owned Option
This option will take out most of the risk of having to do major repairs and at a lower price than that of a new car. These cars are usually under three years old and have good mileage and no major repairs or accidents. They go through inspections and are awarded an extended warranty.
This part of your decision-making will require you to have flexibility and diligence. Weigh the advantages, disadvantages, and workarounds when choosing both options. It is most likely you’ll be stuck with your chosen car for two or three years, so it’s advisable that you put some time into doing the things that will get you the best deal.